A subscriber had asked:
I'm trying to figure out whether a product idea I have is viable or not and using feedback from pitching the idea to friends and family to gauge the viability of the market.
I know this is a really irrational perspective and it is probably the cognitive dissonance in my brain that always prevents me from actually pursuing this idea, so I would like to hear the thoughts of people who actually have went on to build successful (or not) startups. They say founders should have 1000% faith in their idea. While I think my idea is great, I cant stop second guessing myself with numerous reasons as to why it would not be viable for fear of failure.
You have an idea and you want to give it wings: entrepreneurship is like having a child.
You put your professional and personal footprint on a project and you take care and worry about seeing it grow.
Moreover, you have the illusion of satisfying the needs and expectations of your clients.
But... for that idea to work you have to first make a study of the viability of the project, otherwise you are going to run the risk that you end up coming to nothing.
Define your purpose realistically.
A Feasible Business Idea is nourished by the motivation, interest and skills of the person(s) implementing it.
To undertake is a difficult and long way, it requires discipline and perseverance. You will be responsible for carrying it out.
Are you really determined to undertake this viable business idea?
Put a face to your purpose and for that you will have to make a deep analysis of yourself.
You will do well to answer these questions:
- Is what I can do consistent with the business idea I have in mind?
- Are my skills and knowledge sufficient? What am I missing?
- Does my relationship environment highlight the skills and knowledge that the business idea I have in mind requires of me?
- What can I consider myself as an expert or with more advanced knowledge than a group of people?
- What do I like? What am I passionate about?
- What kind of people will need my products or services? Do I like dealing with this type of people?
I recommend that you take a paper and pencil to find out what your strengths and weaknesses are as a first step in identifying a viable business idea tailored to your personal situation.
Once this is done, you will know the following:
- If you are going to need partners or collaborators from the first moment.
- If you are going to need to outsource services.
- If you are going to need additional training.
- If you will have the motivation and interest needed to grow your viable business idea.